You plan to purchase a $160,000 house using a 15-year mortgage obtained from your local credit union. the mortgage rate offered to you is 6.75 percent. you will make a down payment of 20 percent of the purchase price.
a. calculate your monthly payments on this mortgage. (do not round intermediate calculations. round your answer to 2 decimal places. (e. g., 32.16))
monthly payment $
b. calculate the amount of interest and, separately, principal paid in the 20th payment. (do not round intermediate calculations. round your answers to 2 decimal places. (e. g., 32.16)) amount of interest $
amount of principal $
c. calculate the amount of interest and, separately, principal paid in the 150th payment. (do not round intermediate calculations. round your answers to 2 decimal places. (e. g., 32.16)) amount of interest $
amount of principal $
d. calculate the amount of interest paid over the life of this mortgage. (do not round intermediate calculations. round your answer to 2 decimal places. (e. g., 32.16))
amount of interest paid $
Answers: 3
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